Disciplined Growth Investors Inc. MN Reduces Holdings in Pure Storage, Inc. (NYSE:PSTG)

Disciplined Growth Investors Inc. MN cut its stake in Pure Storage, Inc. (NYSE:PSTG) by 2.0% in the 2nd quarter, HoldingsChannel reports. The fund owned 5,506,659 shares of the technology company’s stock after selling 114,922 shares during the period. Pure Storage accounts for approximately 6.7% of Disciplined Growth Investors Inc. MN’s holdings, making the stock its 2nd largest holding. Disciplined Growth Investors Inc. MN’s holdings in Pure Storage were worth $353,583,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in PSTG. Vanguard Group Inc. lifted its holdings in Pure Storage by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 31,789,480 shares of the technology company’s stock valued at $1,652,735,000 after acquiring an additional 495,183 shares during the last quarter. First Trust Advisors LP lifted its stake in Pure Storage by 4.2% during the fourth quarter. First Trust Advisors LP now owns 4,028,716 shares of the technology company’s stock valued at $143,664,000 after purchasing an additional 160,877 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Pure Storage by 56.1% during the second quarter. Bank of New York Mellon Corp now owns 3,696,390 shares of the technology company’s stock worth $237,345,000 after buying an additional 1,327,873 shares in the last quarter. Blair William & Co. IL grew its position in Pure Storage by 0.7% in the second quarter. Blair William & Co. IL now owns 2,357,962 shares of the technology company’s stock worth $151,405,000 after buying an additional 15,747 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Pure Storage by 12.6% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,234,382 shares of the technology company’s stock valued at $143,470,000 after buying an additional 249,761 shares in the last quarter. Institutional investors and hedge funds own 83.42% of the company’s stock.

Pure Storage Stock Performance

Shares of PSTG stock opened at $49.44 on Friday. Pure Storage, Inc. has a fifty-two week low of $31.00 and a fifty-two week high of $70.41. The stock’s 50-day moving average is $54.48 and its two-hundred day moving average is $56.84. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.99 and a quick ratio of 1.96. The firm has a market cap of $16.20 billion, a P/E ratio of 176.57, a PEG ratio of 7.81 and a beta of 1.11.

Pure Storage (NYSE:PSTG) last released its quarterly earnings data on Wednesday, August 28th. The technology company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.10. The firm had revenue of $763.77 million for the quarter, compared to the consensus estimate of $756.59 million. Pure Storage had a return on equity of 17.41% and a net margin of 4.53%. Analysts predict that Pure Storage, Inc. will post 0.43 earnings per share for the current fiscal year.

Insider Activity

In other Pure Storage news, CAO Mona Chu sold 25,000 shares of the stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $50.32, for a total transaction of $1,258,000.00. Following the transaction, the chief accounting officer now directly owns 96,639 shares of the company’s stock, valued at $4,862,874.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $59.50, for a total value of $5,950,000.00. Following the completion of the sale, the insider now directly owns 900,000 shares in the company, valued at $53,550,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Mona Chu sold 25,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $50.32, for a total transaction of $1,258,000.00. Following the sale, the chief accounting officer now directly owns 96,639 shares of the company’s stock, valued at $4,862,874.48. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 458,072 shares of company stock worth $25,565,792. 6.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PSTG. Lake Street Capital reduced their price objective on Pure Storage from $70.00 to $68.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Piper Sandler dropped their price target on Pure Storage from $60.00 to $56.00 and set a “neutral” rating on the stock in a research note on Thursday, August 29th. Susquehanna reaffirmed a “positive” rating and set a $80.00 price objective on shares of Pure Storage in a research note on Monday, August 26th. Raymond James dropped their target price on shares of Pure Storage from $73.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday, August 29th. Finally, Northland Securities restated a “market perform” rating and issued a $59.00 price target (down previously from $68.00) on shares of Pure Storage in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.95.

Pure Storage Profile

Pure Storage, Inc engages in the provision of data storage and management technologies, products, and services in the United States and internationally. Its Purity software is shared across its products and provides enterprise-class data services, such as always-on data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.